The legal firewall blocking access for Ukrainians to international banking and online payment systems is set to come tumbling down as the National Bank of Ukraine removed a number of barriers in e-commerce.

E-payment systems like PayPal can now fully operate in Ukraine. Previously, Ukrainians could purchase goods abroad using PayPal, but it was illegal for them to receive payments on their accounts.

Only three global payment systems – MasterCard, Visa and American Express – and six global money transfer systems – MoneyGram, Western Union, MEEST, RIA, Caspian Money Transfer and Khazri – are currently on the NBU’s list of registered money transfer systems that have permission to make both inbound and outbound transfers. The relaxing of the rules should let more register.

E-payment systems no longer are required to be banking institutions, said Natalie Nayman from the Jurimex law firm.

Because of harsh regulations, PayPal, a leading American e-payment system, failed for four years to enter the Ukrainian market, Nayman said.

The NBU’s step indicates that Ukraine is ready to let Internet giants and make it easier to conduct business, Dmytro Gadomsky, a partner at the law firm Juscutum, told the Kyiv Post.

It still won’t be easy to develop e-money and electronic payments in a country like Ukraine, experts said.

Apart from changing rules and regulations, the country’s laws also have to change. That includes extending the right to issue e-money to financial companies and granting permission for e-money to be used to pay not only for goods, but also for services.

“The need to sign paper contracts and acceptance certificates, plus the large amount of cyber-crime, has made Ukraine very unfriendly to online business,” Juscutum’s Gadomsky said. “And that’s why Apple, Facebook, PayPal, Google were always very cautious about extending their paid services to Ukraine.”